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Thursday, OcTOber 29, 2026
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Realtors in 20% growth but warn: ‘Waiting costs money’ BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net BAHAMIAN realtors yesterday revealed that overall sales and transaction volumes are up between 18 to 20 percent year-to-date, with one saying he is warning clients: “Waiting costs money.” Matt Sweeting, REMAX Bahamas managing broker, told Tribune Business that market data shows Bahamian buyers who delay often end up paying more for their dream home and location later with 2026’s average sales price up $100,000 yearover-year and new available inventory down. “We still have a very strong market,” he said. “What the numbers indicate is the listing counts are down year-to-date slightly, but the initial sales price or listing prices are up
Say Bahamian buyers who delay end up paying more Major firm’s sales up 18% despite 6% transaction fall Inventory declines driving average prices up $100k $100,000 on average. While there are fewer listings yearto-date, the average sales price has gone up considerably. The value has increased with less listings but higher sales prices leading to higher total sales. “What that means for the market is that there’s less opportunity for buyers in the
market. There’s less opportunity for them. If we talk about the local market, it indicates you are paying a higher price for the same property than you did last year and sellers are getting at or near asking price.
No ‘dirty trick’: Realtor loses $2.34m sales commission bid
$57m sale no later than 10pm on the same day she was formally engaged. Appeal justice Smith agreed, finding that Mrs Holowesko and her attorneys had “not proved any dirty trick, underhandedness, collusion or other unreasonable conduct” after the same buyer negotiated the purchase of the nine-bedroom, 11 bath home that covers two acres at Lyford Cay’s marina entrance, after the agreement with her terminated. He added: “Indeed, in the present matter, if her efforts to conclude a sale of the Harbour House properties were successful, the appellant [Mrs Holowesko] would have obtained a substantial reward of $2.32m for about one week of work - a sum that is greater
BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@tribunemedia.net A BAHAMIAN realtor’s bid to obtain a $2.34m commission on the $58m sale of a Lyford Cay residence was yesterday rejected by the Court of Appeal which ruled no “dirty trick” was used to deprive her of payment. Appeal justice Gregory Smith, writing a unanimous verdict, upheld the Supreme Court verdict that Diane
Holowesko, former Town Planning Committee chair under the Minnis administration, was not entitled to be paid a 4 percent commission plus VAT on the April 2022 sale of Harbour House. Then-senior justice Deborah Fraser dismissed Mrs Holowesko’s claim after finding that, while in “an unfortunate position”, she was not due the commission because she was unable to meet the agreed contractual stipulation that she close the
Bus drivers demanding minister meeting result BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net JITNEY operators yesterday warned they will take further industrial action if Friday's meeting with the minister of transport fails to resolve mounting fuel and operating costs have left them unable to earn a profit. Rudolph Taylor, president of the Bahamas Unified Bus Drivers Union (BUDU), and Harrison Moxey, president of the United Public Transportation Company (UPTC), said the industry had reached a breaking point as rising diesel prices, insurance premiums and
LEON LUNDY maintenance expenses continued to squeeze operators while passenger fares remained unchanged. The warning came after bus drivers staged what they described as a “sick out” yesterday, with operators
DRIVING - See Page B6
Aviation chief: More upgrades after Western Air’s resumption BY NEIL HARTNELL AND FAY SIMMONS TRIBUNE Business Reporters THE GOVERNMENT’S aviation chief yesterday pledged further upgrades for North Eleuthera’s airport after Western Air revealed it will resume flights on November 2 to a destination that is enjoying “historic performance on tourism arrivals. Dr Kenneth Romer, director of aviation and tourism director-general, told Tribune Business that - following initial repairs to address the “long-standing runway issues” that caused
the Bahamian carrier to suspend flights for a month - North Eleuthera’s airport is on course to receive “new aerodrome beacons”, lights, a fire fighting vehicle and security equipment. Highlighting Eleuthera’s growth in response to this newspaper’s inquiries, he added that the further planned upgrades are part of the Government’s Family Island airport ‘renaissance’ initiative that features 26 projects across The Bahamas. “For the first nine months in 2026, the island of
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Gov’t bond strategy cannot be ‘one trick pony’ amid concern over $400m balance Gov’t to refinance 21% of $813m existing debt Payout, GB Power’s $332m, has $400m unused
MATT SWEETING
Sands asks if new debt needing Parliament nod BY NEIL HARTNELL TRIBUNE Business Editor nhartnell@ tribunemedia.net
than 10 years’ of the current salary of an appellate judge in The Bahamas.” Detailing the background to the dispute, the Court of Appeal judge wrote: “In March 2022, Luc Van Hoff, who owned a property at Lyford Cay, contacted his friend, Fabio Mantegazza, the first respondent, about the fact that a waterfront property at Lyford Cay, known as Harbour House, was now on the market. “Mr Van Hoff, was aware that the first respondent was looking to purchase property in The Bahamas. Mr Van Hoff also recommended that the first respondent contact the appellant [Mrs Holowesko]
THE GOVERNMENT’S plans for its $1.1bn bond proceeds cannot be “a one trick pony”, a senior banker GOWON BOWE argued yesterday, as the Opposition challenged whether it will have to seek Parliament’s approval for new borrowings. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told Tribune Business it was critical the Government show a “strategic DR DUANE SANDS approach” to how the proceeds from its latest debt raise will be applied - especially if its first “priorities” do not pan out - after it revealed these will only initially to refinance $170.647m in existing bonds. The Government, in a statement yesterday, said funds generated from last week’s $1.1bn bond placement will redeem just 21 percent of the total $813m in existing Bahamian sovereign debt that it sought to refinance. It said it has only accepted $170.647m worth of offers from investors to exchange their existing bonds for the new issue. However, the release said the Davis administration “expects” to fully redeem, refinance and payout the two existing Bahamas sovereign bonds set to mature quickest - in two and
DEAL - See Page B4
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GAVIN CHRISTIE
PAGE 2, Thursday, October 29, 2026
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Thursday, October 29, 2026, PAGE 3
Realtor handles $40m in Old Fort Bay sales A BAHAMIAN realtor says he has handled more than $40m in real estate sales within western New Providence’s Old Fort Bay community for 2026 to-date with properties snapped up almost as fast as they hit the market. Matt Marco, of Bond Bahamas, disclosed that Old Fort Bay has accounted for around 40 percent of the $100m worth of real estate deals he has brokered during the first three quarters of 2026. The realtor, who specialises in the Old Fort Bay community, said the demand for prime waterfront property in a jurisdiction that offers a sense of security is driving real estate values to record levels and putting pressure on the limited inventory of multi-million dollar turnkey residential offerings.
“In a world where there is so much uncertainty, The Bahamas shines as a destination that offers political stability, peace, tranquility and security,” said Mr Marco. “‘It’s better in The Bahamas’ no longer applies just to vacationing; it’s better in The Bahamas in every way, including as a place to call home.” Mr Marco has this year closed on five high-end residential properties in Old Fort Bay, each one with seven to eight figure price tags. One of those sold in five days, another in seven. “The world of real estate has changed dramatically,” said Mr Marco, who spent nearly a decade in Exuma before relocating to Nassau to head up sales and marketing for Aristo, developers of condominium properties including One Cable Beach and Aqualina I and II.
North Guana Cay suffers 72 hours without power BY FAY SIMMONS TRIBUNE Business Reporter jsimmons@tribunemedia.net REPEATED electricity outages on Guana Cay have become so routine that residents now expect prolonged interruptions, with one homeowner yesterday noting the woes have persisted for at least two years. Jen, a resident of North Guana Cay, said the northern end of the island is typically the last to have electricity restored, leaving residents facing extended periods without power even as service returns to other areas. She said electricity is generally restored first to the south of the island before reaching the settlement area and, finally, the north, where she lives near Baker's Bay. At the time of the interview, she said her area had been without electricity since approximately 10.30pm on Sunday, amounting to almost 72 hours without power. Jen said the recurring interruptions have become significantly worse than in previous years, when outages occurred occasionally but were not as frequent or prolonged. “We've been living here on the island since 2015, so we've been around. And it was never like this. We’d have outages once in a while, of course, but certainly not to the extent that it is right now,” she said. Jen said the island's electricity supply has recently been coming from Man-OWar Cay, but she questioned whether planned improvements to power generation would resolve the problems affecting North Guana Cay. She added that the island's ageing electricity infrastructure remains a major concern, arguing that even if additional power became available, the existing cables might not be capable of reliably distributing it. “The island cable infrastructure is very poor, so it doesn't matter if we're getting it from Wilson City plant or solar or whichever way, it still won't be able to go through the cables because the cables.. they've been in there for 30, 40 years,” she said. Jen added that the infrastructure had also been affected by Hurricane Dorian, making improvements increasingly necessary. Her comments come as Bahamas Power & Light (BPL) said a fault on the subsea cable supplying Guana Cay was preventing electricity from being extended beyond Guana Cay Town. In a statement, the utility said weather conditions have prevented divers from locating the fault, leaving the island able to receive only partial power because of the configuration of its electrical system. BPL explained that North Guana Cay operates at a different voltage from South Guana Cay, Orchid Bay and
Guana Cay Town. While power can be supplied to Guana Cay Town, areas beyond the town required a step-down transformer to receive three-phase electricity at the appropriate voltage. The transformer requires all three phases to be intact, but BPL said the subsea cable fault meant that three healthy phases were not currently available. “As a result, power cannot presently be extended beyond Guana Cay Town,” the utility said, adding that full restoration remained dependent on repairs to either the subsea cable or the generation unit serving Guana Cay. BPL said its teams will continue restoration efforts as weather conditions allow and that further updates will be provided as work progressed. Jen said residents had been told at a community meeting the previous week that a new subsea connection running directly from Marsh Harbour to Guana Cay was being considered, potentially for the first quarter of next year. However, she said no firm timeline had been provided. She welcomed the prospect of a new connection
BOND Bahamas’ Matt Marco reported high-end properties in The Bahamas are currently selling in record time as demand soars for stable, secure jurisdictions amid an uncertain global environment. “Buyers are no longer just looking for a good home. They are looking for solutions. Where will they and their family be safe from war or unrest? Where will they enjoy the lifestyle
but warned it might not resolve the island's wider distribution problems if the internal cables remained in poor condition. Jen said residents have not been informed of any plans to replace the island's internal electricity network, which she believed would require significant investment. She estimated that replacing the cables across the island could be a longer-term undertaking, potentially requiring several years of work, but said residents had not been given details of a plan or budget. While acknowledging that BPL was trying to address the electricity problems, Jen said residents needed greater clarity about how the utility intended to deliver a more dependable service to the island's communities. She said the repeated outages were also affecting tourism, with some businesses that lacked back-up generators losing guests and visitors moving elsewhere because of the unreliable electricity supply. Jen said she hoped the planned infrastructure improvements will bring relief to residents, but stressed that the condition of the island's distribution network needs to be addressed alongside any improvements to power generation and the subsea connection.
MATT Marco of Bond Bahamas has reported more than $40m in sales to-date this year within Old Fort Bay, saying only limited inventory is preventing more transactions. their financial status allows with peace of mind, yet within easy reach of major metropolitan areas? Where will their children be welcome in whatever school they enter? “The Bahamas meets the criteria for the buyer who wants the beauty, the waters, the lifestyle and all the conveniences of a sophisticated environment in a jurisdiction that is not just tax friendly, but has a stable, democratically elected government and offers peace and security. In the past few years alone, the country has become that much more attractive”.
Mr Marco said there was a feeling among many in the industry that once the COVID-19 pandemic passed, the rush to relocate to The Bahamas would subside. “I always believed that once that door was opened and people realised they could work from anywhere, once they discovered that they did not have to sit in snarling traffic during a gruelling daily commute or struggle through snowstorms and blizzards to get to the office, the demand for high-end property in The Bahamas would remain strong,” he added. “So long
as the appetite is there, we just need to find ways to satisfy it.” When the conflict with Iran broke out, Mr Marco was quick to remind persons in Qatar and the United Arab Emirates (UAE) that The Bahamas was a safe and welcoming haven. “We had a lot of positive response, so we will see where that leads, but I am certain of one thing – The Bahamas remains one of the most desirable places in the world to live,” he said.
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GBPA unveils further $1m road improvement package The upcoming resurfacing works will target several key roadways and intersections, including Summerville Turning Lane; Anita Doherty (Beach Way); Bonita Road - phase two; Pioneers Loop Road; East Mall Drive/ North Regency Boulevard; Young Husband Drive;’ East Sunrise Highway & Waterfall Turning Lane; Squash Road; Queen's Highway/Fishing Hole New Turning Lane; Kipling Lane; and the service road parallel to East Sunrise Highway. The GBPA, in a statement, said the works will be undertaken by Bahamas Hot Mix (BHM), Waugh
Construction and Freeport Construction. Work is expected to begin within the coming days, weather permitting, with completion anticipated by the end of November 2026. Nakira Wilchcombe, the GBPA’s vice-president of building and development services, said: "Investing in our road infrastructure is an important part of our responsibility to the city of Freeport and the people who live, work and do business here. "Our continued resurfacing programme reflects an ongoing effort to improve road conditions, enhance
safety and ensure that our infrastructure supports the needs of our growing community. “We recognise the importance of well-maintained roadways to the daily lives of residents and the movement of commerce throughout our city, and we remain committed to continuing our efforts to make meaningful improvements." Ms Wilchcombe also emphasised the importance of public co-operation as work progresses across the designated areas. "We understand that roadworks may cause temporary inconvenience, and
we sincerely appreciate the patience and co-operation of motorists and residents,” she added. “The safety of the public and our work crews remains a priority, and we encourage everyone to exercise caution when travelling through active work zones, observe posted signage and follow any temporary traffic directions."
To minimise disruptions and keep the public informed, the GBPA said it will issue individual notices for each resurfacing project once work dates and traffic management arrangements have been finalised. These notices will provide details on the scheduled works, affected roadways, temporary lane closures and any necessary traffic diversions. Motorists are being urged to reduce their speed, remain alert and exercise due care and attention when approaching or travelling through work areas to ensure the safety of road crews, pedestrians and other road users. The GBPA said that, for the latest information on resurfacing schedules, traffic advisories and project updates, residents are encouraged to follow its official Facebook page and WhatsApp channel.
$58m sale commission ‘ten times judge’s salary for week of work’
commission since, in their joint experience, it was the vendor who paid the real estate commission”. They also argued that 6 percent “was too high”. Mrs Holowesko then agreed to drop her commission to 4 percent plus VAT, amounting to $2.34m plus VAT at $234,000. Ms Booth, on April 8, 2022, told her “your commission in the sum of 4 percent is agreed subject to satisfactory conclusion of a deal today at $57m”. This was communicated to George Damianos, the Bahamas Sotheby’s International Realty president and managing broker, who was representing Harbour House’s vendors, and also David Johnstone, likely the Lennox Paton attorney and partner. Mrs Holowesko replied, adding that she would “certainly do my best to
conclude a sale today but, as you might suspect, it would be unusual for the owners to agree to a deal at below full price knowing they have a highly qualified potential buyer scheduled to tour the property tomorrow”. Mr Mantegazza and his representatives “contend that they did not want to get into a bidding war with another prospective purchaser of Harbour House who was due to visit the properties on April 9, 2022. “That is why they stipulated for an agreement with the purchaser ‘today’” (April 8, 2022), at the reduced price of $57m as opposed to the original price of $58.5m,” appeal Justice Smith wrote. “Eventually, one Ian Black, the representative of another corporate director of the trust, contacted the seller’s agent, George Damianos, copying all the parties, to the effect that if the vendor did not accept the offer of $57m by 10pm, the offer would be withdrawn. “The vendors did not agree to the sale of Harbour House on April 8, 2026. In fact, the vendor’s agent, Mr Damianos, indicated that he did not see Ian Black’s e-mail on April 8, 2022, as he had been out to dinner without his mobile phone. He only saw this e-mail on the morning of April 9, 2022. “On April 9, 2022, Ian Black negotiated directly with George Damianos for the purchase of Harbour House at the price of $58m. On April 11, 2022, [Mr
Mantegazza] and the vendor signed a letter of intent for the purchase of Harbour House at $58m. On July 12, 2022, the trust completed the purchase of Harbour House through the company HH Ltd.” Mrs Holowesko, setting out her case, alleged there was “an implied term” in her agreement with Mr Mantegazza and his agents that they would not act to prevent her from earning a commission as they had benefited from her services in purchasing Harbour House. However, the buyer and his representatives stood firm in arguing that she failed to achieve a specific condition of their agreement - that she close the deal on April 8, 2022, for $57m. “The appellant failed to achieve this and therefore she is not entitled to any commission, especially since the subsequent sale of Harbour House was effected directly with the vendor’s agent, George Damianos, and she had no input into that sale,” appeal justice Smith wrote of their position. “The respondents also contend that the appellant was in breach of her fiduciary duties as an agent in offering Harbour House to a competing bidder.” Appeal justice Smith said Mrs Holowesko’s challenge to the Supreme Court ruling largely revolved around whether her commission was subject to the purchase price and closing date conditions.
“I see no reason to overturn the finding of fact by the trial judge that this was not a case where, as the appellant contends, the parties agreed that the appellant was entitled to a commission upon using only her best endeavours to strike a deal by April 8, 2022, at the price of $57m,” he ruled. “The agreement arrived at between the appellant and the respondents was for a payment of a commission upon striking of a deal ‘today’ (8 April, 2022) at the price of $57m.” Appeal justice Smith also ruled that Mr Black’s attempt to impose a 10pm deadline had no impact. He added: “The appellant was undertaking a high risk venture for a potentially very high reward. This agreement was to secure a deal between the vendor and the respondents by 8 April, 2022, at the price of $57m. It was not an agreement to pay commission if the appellant used her best endeavours to secure a deal. “The appellant undertook a high risk venture for a very high potential reward, and having failed to achieve the agreed result, she cannot rely on her efforts in and about the risky venture to conclude a deal by 8 April for $57m to secure the payment of any commission. “The issue of whether she was the effective cause of the eventual sale between the vendor and the respondents was irrelevant to her entitlement to be paid a commission.”
THE Grand Bahama Port Authority (GBPA) yesterday announced it is investing a further $1m in road resurfacing works across Freeport to take its spending on these improvements to over $2.6m within three years. Freeport’s quasi-governmental authority, moving to maintain and upgrade the city’s infrastructure just one week after Prime Minister Philip Davis KC unveiled his governance reform plans for the whole of Grand Bahama, said the latest outlay builds on the more than $1.6m invested in road improvements over the previous two years.
DEAL - from page B1 to arrange a viewing of the property.” Mr Mantegazza, a Swiss businessman, is described in media reports as being “fabulously wealthy”. His father is said to have founded and launched the Cosmos Holidays travel firm, and at one point also owned Monarch Airlines. He made contact with Mrs Holowesko on April 4, 2022, who told him about Harbour House and its affiliated Bee’s Nest property and arranged to view both the following day. Then, on April 6, 2026, Mrs Holowesko sent documents on Harbour House to Mr Mantegazza’s local representatives including Katie Booth, who headed Amber
Trust prior to its April 2025 acquisition, whereupon it became the Oak Group’s Bahamas, in her capacity as a director for one of the corporate trustees overseeing the Swiss businessman’s The Bohemian PTC private trust company. “In those documents, the appellant stated, among others, that the selling price of the Harbour House properties was $58.5m and her commission at 6 percent was in the sum of $3.51m plus VAT at 10 percent in the sum of $351,000,” appeal justice Smith wrote. Mr Mantegazza’s representatives, who also included Ian Black and Moira Butcher as well as Ms Booth, voiced surprise at their client “having to pay
NAKIRA WILCHCOMBE
THE TRIBUNE
Thursday, October 29, 2026, PAGE 5
Atlantis-based spa named America’s top for fifth year MANDARA Spa at The Cove, Atlantis, has been named the top hotel spa in North America for the fifth year in a row by Haute Grandeur. The Atlantis-based spa, in a statement, said the award places it among the highest-ranking spas in top destinations ranging from Australia to Qatar and Hong Kong to the United Arab Emirates (UAE). It added that this year’s honour is especially meaningful because it was awarded with special credit to staff performance while the spa was undergoing a multi-million dollar transformation. The award was hailed as “an amazing honour” by Youlanda Deveaux, Mandara Spa’s regional vice-president for Caribbean and Latin America
resort operations. The Cove-based spa, which includes ancient Balinese healing touches, traditional European therapies and a vast array of natural Bahamian elements, first won the award in 2022. “To win the Haute Grandeur Best Spa Award five years in a row in a highly competitive industry is a major achievement and an amazing honour,” said Ms Deveaux. “This is truly a testament to the dedication and professionalism of our staff who, for the past year, were providing services in temporary health and wellness settings as the spa underwent a multi-million dollar reimagination that will transform it into a magical place of tranquility and relaxation.”
Bahamian carrier set to return to North Eleuthera on November 2 RETURN - from page B1 Eleuthera recorded its largest number of foreign air arrivals, boasting an unprecedented 31 percent increase over 2019 and a positive growth of 2 percent over 2025. Domestic travel to Eleuthera is also recording historic performance,” Dr Romer disclosed. North Eleuthera airport, together with Governor’s Harbour and Exuma (Georgetown), is part of a three-strong package that the Island Airport Development Partners consortium is upgrading via a combined $130m worth of investments prior to taking over their management under a concession agreement with the Government. “The projects include the current active development of a modern airport terminal at North Eleuthera and the recent completion of the interim runway works, intended to immediately address long-standing runway issues,” Dr Romer said. “The repairs, facilitated by the Ministry of Works, are part of a broader approach to North Eleuthera airside
improvements with a scope of work to construct new aerodrome beacons; install lights and windsock; acquire fire fighting vehicle and security equipment; construct runway end safety areas; expand runway turn pads; full runway re-paving; construction of drainage wells at the lowest points of the runway; construction of aa new commercial apron and two runway access taxiways, including lighting system; defined markings for runway, taxiways and apron; and installation of security fence and security gates.” Speaking to the recent runway repairs that have addressed Western Air’s concerns, Dr Romer said: “ The preliminary airside works have been recently launched through the IDB (Inter-American Development Bank) with ongoing monitoring and proactive, preventive airside maintenance undertaken by the Airport Authority, Civil Aviation Authority, Ministry of Works and Islands Airport Development Partners. “We join the chief executive [Rexy Rolle] of Western Air, and all airport users, in extending appreciation
Prime Minister Philip Davis KC and Audrey Oswell, Atlantis president, were among those who cut the ribbon officially opening the transformed spa on October 22 before more than 150 invited guests. The re-imagined facility includes a greater sense of place with art by Antonius Roberts and his students, Bahamian bush teas by Julie Hoffer and fresh island fruit sorbets by the Bunch family. “While guests did not have access to a few of the amenities they had in previous years, our staff went above and beyond to indulge them, making every treatment extra special. The small touches that made it distinctly Bahamian – fresh island fruit sorbet and curated bush teas – added to visitor satisfaction and to the Ministry of Works, Bahamas Striping, Island Airport Development Partners and the various aviation agencies for their efforts in addressing the runway conditions and facilitating the necessary interim improvements.” Western Air is set to resume flights between Nassau and North Eleuthera on November 2, a month after suspending the service over deteriorating runway conditions that it said had become increasingly severe. The airline announced its service to North Eleuthera International Airport would resume at 7am that Monday, with flights now available for booking through its website. “To our valued passengers, thank you for your patience and understanding,” Western Air said in its resumption notice, while also thanking the Ministry of Aviation and Ministry of Works for their efforts in addressing the runway conditions and facilitating “the necessary interim improvements”. Western Air suspended flights to and from North Eleuthera following the completion of its scheduled services on October 2, after raising concerns about the deteriorating condition of the runway.
MANDARA SPA, Atlantis, has been named Best Resort Spa in North America by Haute Grandeur for the fifth time as it prepares to officially open its 31,000 square foot personal care expansion. Youlanda Deveaux, centre, vice-president of parent company OneWorldSpa, praised staff for excellence in world class service. Photo: Cay Focus Photography/DPA we saw it in the smiles on guests’ faces every day,” Ms Deveaux added. According to Haute Grandeur, the award, which ranks hotels, dining and other hospitality experiences, is regarded as “the pinnacle of achievement for spas globally”. Mandara Spa said Haute Grandeur
awards are highly sought-after, representing the best in the field and bringing global recognition and distinction. “The award comes as Mandara celebrates 25 years of making the guest experience at Atlantis one they will treasure forever,” Ms Deveaux said. “Now guests are experiencing
the transformation that is taking Mandara to a level never before achieved in the world of spas while incorporating Bahamian art and cultural touches throughout.” Haute Grandeur also named Mandara Spa ‘Best Casino Hotel Spa’ in North America.
In its September 30 suspension notice, the airline said that while the runway had deteriorated over time, it had recently observed “an escalation in the severity of the conditions”. The Ministry of Works subsequently began resurfacing the runway, with Clay Sweeting, minister of works and Family Island Affairs, initially estimating that repairs would take about 12 days once paving began. He said the estimate depended on weather conditions and any unforeseen problems beneath the existing surface. Mr Sweeting described the work as “an overhaul of
the runway to ensure that all planes can land there safely”, while noting that crews would work overnight to limit disruption to airport operations. Last week, Mr Sweeting said resurfacing was progressing and that the runway should be ready for use the following week if work proceeded as planned. The Bahamas Striping Group of Companies, which is carrying out the paving work, said in a social media update three days ago that the turnpad and runway were complete. “Milestone unlocked at North Eleuthera Airport,” the company said. “The
turnpad and runway is officially complete and we’re not slowing down.” Bahamas Striping added that the full runway renovation would be finished “in just a matter of days”. The resurfacing is a temporary measure while the Government advances plans for permanent airport improvements. Mr Sweeting has said bids for the permanent airside works were being evaluated before submission to the IDB for its no-objection process. The project is expected to include an extended runway and a new apron capable of accommodating larger aircraft.
AIR CONDITIONING TECHNICIAN VACANCY Position: Air Conditioning Technician Location: Palm Cay Development Co Limited, Yamacraw Hill Road, NASSAU Employment Type: Full-Time We are seeking a skilled and reliable Air Conditioning Technician to join our growing team. The successful candidate will be responsible for the installation, maintenance, servicing, and repair of air conditioning and refrigeration systems for residential and commercial clients. Key Responsibilities: • Install, service, and repair air conditioning systems and associated equipment. • Diagnose faults and carry out effective repairs. • Perform routine preventative maintenance and inspections. • Ensure all work is completed safely and in accordance with industry standards. • Complete service reports and relevant documentation. • Provide excellent customer service and technical support to clients. • Respond to emergency call-outs when required. Requirements: • Proven experience as an Air Conditioning Technician. • Relevant technical qualifications and certifications. • Knowledge of air conditioning, refrigeration, ventilation, and control systems. • Ability to read and interpret technical drawings and manuals. • Strong fault-finding and troubleshooting skills. • Valid driving licence. • Ability to work independently and as part of a team. What We Offer: • Competitive salary. • Supportive and professional working environment. • Opportunities for career advancement. To apply, please send your CV and relevant certifications to hr@palmcay.com
PAGE 6, Thursday, October 29, 2026
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Jitney operators won’t ‘sit idly by’ on unsatisfactory outcome DRIVING - from page B1 gathering to press their concerns with the Government before agreeing to resume services at 3pm. The disruption was not a formal strike, Mr Moxey said, explaining that drivers needed a day of rest and wanted to demonstrate their solidarity over the financial pressures facing the industry before they meet Leon Lundy, minister of transport. Mr Taylor said the frustration extended beyond the increase in operating costs, pointing to years of unanswered questions and what he described as a lack of engagement from the Government over the sector’s fixed fares and margins. He added that the last meeting between his team and the then-transport minister, JoBeth Coleby-Davis, was in 2024, when operators questioned whether the 25-cent adult fare increase granted that year would be followed by incremental adjustments reflecting the cost of living. “That answer was never given to us, and because of that, over the years, I sort of stepped back because it fell on deaf ears, so to speak,” said Mr Taylor. He said operators had continued submitting letters
and raising their concerns, but the absence of satisfactory answers had fuelled frustration among drivers, owners and franchise holders. “Our demand is not disingenuous; it’s one that is needed,” Mr Taylor said. The operators have previously called for the adult bus fare to increase from $1.50 to at least $2, arguing that the existing structure no longer covers the cost of running their businesses. They have also sought government intervention to ease the burden of fuel and other operating expenses Mr Taylor said he spent $140 on diesel on Tuesday, receiving 17 gallons, while the price of other essential supplies had also increased. “Tyres used to be $140. You’re looking at $190 now,” he said. “The insurance went up. A bucket of oil was costing you $120 or $130. You’re looking at $175 for a bucket of oil. So brakes used to be $40. You’re looking at $60 to $70 for four brakes.” Mr Taylor said the physical demands of the job were also becoming increasingly difficult to sustain, with some drivers working seven days a week. “At the end of the day, our bodies need rest. Just as our machines may need rest, the same thing applies to us,” he said. Mr Taylor questioned whether drivers should
continue working to the point of exhaustion while feeling that their contributions to the public transportation system were not being appreciated. Mr Moxey said operators have been petitioning the Government for years, and had sent a letter to the Ministry of Finance in June outlining their concerns about rising fuel prices and inflation, but had yet to receive a satisfactory response. “Given the hardship that has been upon us for so long now, we have reached the point of the straw that has broken the camel’s back,” he said. Mr Moxey described the financial position of some drivers as unsustainable, recounting how one driver earned $126 during Tuesday’s traffic disruption but needed to spend about $130 to refuel for the following day’s work. “That’s a minus $3 running on the road,” he said. Mr Moxey questioned how drivers and operators could meet their personal financial obligations, including bank loans and mortgages, while facing the same inflationary pressures affecting the wider population. He also argued that public transportation operators were effectively subsidising commuters by
FTC orders Walmart, Delta and others to share how they use personal data to set prices and pay By DEE-ANN DURBIN AP Business Writer THE U.S. Federal Trade Commission said Wednesday it is ordering Delta Air Lines, Walmart and other companies to provide
detailed information on how they use consumers’ data when they’re setting prices. The commission said it is also studying how ride-sharing and delivery companies like Uber use
their independent drivers’ personal data when setting compensation rates. “We intend to scrutinize the opaque methodology that some companies in these industries may be using to determine how
continuing to provide services without fares that reflected their costs. “For us to continue the way it is would be for public transportation to be subsidising and filling in where the government should be for the public to get to and fro,” Mr Moxey said. He acknowledged that the industry had its own problems but said operators had united because of the financial hardship they were experiencing. “The public is not against us on this issue,” Mr Moxey said. “The public is with us, and they think that we are well deserving of it.” Mr Moxey stressed that yesterday’s disruption was not a strike, maintaining drivers had gathered to support one another and draw attention to their circumstances. Services were expected to resume at 3pm, with operators agreeing not to stage further disruptions ahead of Friday’s meeting with Mr Lundy. However, Mr Moxey warned that the industry would not accept an outcome that failed to address its concerns. “If that meeting is not successful, then we believe that we will have to take further steps to make our petition known, and we’re prepared to do whatever it takes,” he said. “We won’t say what that may be right now, but we
know that we will not sit down idly and just accept something that is not satisfactory to us.” Mr Moxey said operators were frustrated that a meeting previously expected to take place had not gone ahead as planned, with Friday’s appointment established only after further contact. He said the industry wanted to meet directly with Mr Lundy, who represents the Government on transportation matters, rather than rely on intermediaries. In a statement yesterday, Mr Lundy confirmed that public bus services would resume at 3pm following discussions with the leadership of the bus owners and drivers. He said the parties had agreed there would be no further disruption ahead of their scheduled meeting on Friday at 1pm, when they would discuss the industry’s concerns and work towards practical solutions. Mr Lundy said the meeting will address more than rising fuel prices and operators’ financial concerns. Discussions would also cover road safety enforcement, adherence to public transportation regulations and codes of conduct, possible adjustments to existing bus routes, and the potential resumption of a pilot
programme aimed at creating a more centralised and organised public bus system. The proposed programme would explore scheduled services, improved route co-ordination and a more reliable transportation experience for commuters, he said. “Our goal is to address the immediate concerns of the industry, but also to work toward a safer, better organised, and more dependable public transportation system for all Bahamians,” said Mr Lundy. Mr Moxey said operators have faith that Friday’s meeting will take place, but insisted that they were determined to secure a satisfactory outcome. Mr Taylor, meanwhile, said the industry did not want to disadvantage the public through a strike, but could not continue ignoring the effect of mounting costs on drivers’ livelihoods and health. Asked whether there will be further sick-outs this week, Mr Moxey said yesterday’s disruption was the only one planned, adding jokingly: “That depends on what we eat. If the Government want to feed us 50 cents, I think we’ll be feeling very well.”
much consumers pay or how much gig workers are paid for the same product or service,” FTC Chairman Andrew Ferguson said in a statement. Orders were also issued to United, JetBlue, Lyft, DoorDash, Instacart and Target, the FTC said. Each company must share information that will allow the commission to assess whether pricing for tickets, rides, food delivery or other products and
services varies from one person to the next based on factors such as participation in loyalty programs or analysis of personal data, the agency said. The FTC said it is also examining whether companies compensate workers based on personal data like their phone usage or their history of accepting rides or deliveries. If the companies fail to turn over data, the FTC said it could compel compliance in federal court. Delta said in response that it has “zero tolerance for discriminatory or predatory pricing” and fully complies with pricing and advertising laws.
“There is no fare product Delta has ever used, is testing or plans to use that targets customers with individualized offers based on personal data,” the company said in a statement. JetBlue said it doesn’t use personal information or web-browsing history to set individual prices. “Fares are determined by demand and seat availability, and all customers have access to the same fares,” the company said. Instacart said compensation for its shoppers is based solely on job-related criteria, including the distance traveled, the number of items and expected shopping time.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHARLIEANN ESTELL DAVIS of the Spring City, Abaco, The Bahamas, intend to change my name to CHARLIEANN ESTELL MARSHALL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
GENERAL MAINTENANCE
NO JOBS TOO BIG OR SMALL Mr Adderley -Tel: 826-0482 FULL/PART-TIME CAREGIVER OPPORTUNITY Bahamian family is looking for an honest, dependable, and cheerful individual to assist with making life comfortable for their elderly female relative. Starting November 2026 For more information, please call 242-324-6782 or email resume to: caregiveropportunity242@gmail.com
THE TRIBUNE
Thursday, October 29, 2026, PAGE 7
Gov’t must set out ‘strategic priorities’ for borrowings use BORROW - from page B1 three years’ time, respectively. The outstanding principal owed on these bonds, one of which is the Government’s most expensive with a 9 percent interest coupon, is collectively $194.345m. While the Government did not identify the financing source that will fund this payout “as soon as reasonably practical” following the bond transaction’s settlement today, the $194.345m figure - when combined with the $170.647m involved in the bond ‘exchange’ - takes the total debt being refinanced to just over $365m. And, when added to the $332m Grand Bahama Power Company debt that the latest bond is also refinancing, this accounts for some $697m of the $1.1bn bond proceeds. This, though, means that the Government has yet to explain how the remaining $400m balance from its latest debt issuance will be used. Senator Latrae Rahming, the Prime Minster’s communications director, did not respond to Tribune Business requests seeking comment before press time last night. But Dr Duane Sands, the Opposition’s chairman, yesterday queried whether this will further increase The Bahamas’ national debt - a
move that would require the Government to seek fresh approval from Parliament. “At the moment, we still have some $400m not accounted for,” he told this newspaper. “What are they going to do? Is this new debt? Are they now going to go back to Parliament because this is not what they said they are going to do.” At present, Parliament has only approved a borrowing resolution that authorises the Government to refinance the $200m “term” loan it took out to acquire GB Power, plus almost $132m in legacy debts on the electrical utility’s books that were left behind by the previous owner. Any transaction that increases The Bahamas’ sovereign debt will require a new Parliament borrowing resolution. One fiscal source, speaking on condition of anonymity, said it was possible that the Government could use the $400m bond proceeds balance to reduce or payout other existing debts, which would eliminate the need for a new borrowing resolution as the Government’s (taxpayer) liabilities would not increase. The proceeds could also be used for investment purposes, held as bank deposits, or even placed in the National Investment
Fund. “There’s no real clarity as to what they are doing with regard to this transaction,” the source said. “What are they going to do with the rest of the proceeds of this bond? “Unless they are going to use it to reduce existing debt, if not, that’s a net addition to the debt and it has to be approved, transacted and financed. The full picture is never explained. It’s very straightforward. Your bond was $1.1bn, you are planning to retire $365m and refinance $332m for GB Power. What are you doing with the rest of the proceeds?” Mr Bowe said these unanswered questions are why the Government needs to clearly articulate a strategy for how the $1.1bn proceeds will be used. “I think the word is probably not transparency; it’s more strategy,” he told Tribune Business. “You would expect, given that they accepted $1.1bn in subscriptions for the new bond, they would have a tiered strategy. “If all persons redeemed as intended, that would be $700m, and after that, you had GB Power. That was your first priority. You’d also expect, if that first priority did not pan out, you would have secondary and tertiary priorities for the use of those funds… What’s the strategic approach for us raising this debt money, and
how are we going to utilise it? My hope is they have a series of strategic priorities.” The Government’s stated goal in placing the $1.1bn bond was to refinance a total $813m in existing Bahamian sovereign debt, worth $813m and spread across five existing issues, at both lower interest rates and longer maturities. This would have reduced the debt servicing cost burden for Bahamian taxpayers and pushed the date for when investors are repaid their principal further out. While the latter goal was achieved, with the new bond set to mature in some 13 years in 2039 compared to the existing issues that carry maturities of 2028, 2029, 2029, 2033 and 2038, it is unclear whether any interest savings were achieved. Four of the five existing bonds, wth coupons ranging from 6 percent to 7.125 percent, carried lower interest rates than the new issuance. Tribune Business back-ofthe-envelope calculations show the annual interest bill on the new $1.1bn bond, which carries a 7.7 percent coupon, is around $84.7m. This is higher than the combined interest bill for the five existing issues at their original principal amounts outstanding, which worked out to just over $58m. The Government’s release yesterday revealed
that, while it accepted 100 percent of the bonds tendered in the issues due to mature in 2028 and 2029, some $38.425m and $98.546m, respectively, it rejected all the $53.427m offered for refinancing by holders of the other bond due to mature in 2029. And it also accepted less than one-third, some $27.075m, of the $85.069m tendered by investors holding the 2033 bonds. “I would not want the US dollar funds being held. We should be very strategic in accessing US dollar funds,” Mr Bowe told Tribune Business of the bond proceeds. “Artificially inflating the [Central Bank] reserves would give the impression of greater flexibility. We’d not want them to take on more foreign currency borrowing than they can extinguish… “I think what is more important is their strategic priorities are listed - not only for bond holders and citizens but, more importantly, for anyone who assesses the credibility of the country. What we would not want to happen is any indication of an absence of strategic priorities when taking on borrowing. We have clearly set out plans for accessing foreign currency debt and how it is utilised.”
While the $1.1bn bond’s over-subscription by investors was positive, Mr Bowe reiterated: “We don’t need to take on more debt than we actually need to utilise at this point in time. The old adage: If you don’t stand for something, you fall for anything. That means if you don’t have a proper strategic agenda, you can be susceptible to using funds in a manner not best suited. “We should be in a situation of using those funds for specific purposes, not as a windfall or adding to the surplus. It’s intended to reduce the national debt. We should address strategic priorities, and not achieving free cash flows that have not been earned.” Mr Bowe said the Government needs to show that, through its debt management strategies, it is improving The Bahamas’ net present value of cash flow and reducing interest costs for Bahamian taxpayers. “You don’t get into this type of financing without having very strategic plans,” he added. “It’s not a one-trick pony. It’s having multiple options on the table, assigning them a priority, and if the first doesn’t pan out you move on to the next one.”
period in 2025 despite a 6 he told Tribune Business. “I the product as “the new big upcoming US mid-term High-end New Providence percent drop in transaction think it’s a combination of in luxury real estate that elections set to be held in year-over-year. a number of things. One of buyers are gravitating to” in early November. areas have ‘very little for sale’ volumes “If you look at business the big factors is the global the US and elsewhere in the “Our biggest problem
ACQUIRE - from page B1 “What I have been telling buyers is that waiting costs money. The numbers here, the industry data, supports that,” Mr Sweeting added. “If you said you are going to wait; this property seems too expensive, it’s not in an ideal area, there are too many compromises - the same property you may have purchased a year later ends up costing 10 percent more. “And so that bears out the point - waiting costs money.” Mr Sweeting told this newspaper that his company’s transaction volumes are up 20 percent for the first three quarters of 2026 compared to the same period last year, adding that market activity remains robust despite “a slight dip” in the number of properties for sale and other elements. “We’re up probably about 20 percent in terms of production, in terms of transaction count, even in this market,” he revealed. “When I look at the amount of transactions we did last year year-to-date versus this year year-to-date we’re up about 20 percent. I think it speaks to our international reach but also our outreach
in trying to bring clients value. “Their desperation to find a home in 2026, so even though the market is showing a slight dip in a number of segments and elements, there’s still considerable activity even on the local end of the market. We are doing probably 75 percent to 85 percent local business. We specialise there.” As for Bahamian real estate’s international segment, Mr Sweeting added: “The higher end market is still doing extremely well. I had a recent trip to Abaco and spoke to Montage Cay, the Hope Town Club. We’re very excited about opportunities for the islands. Palm Cay, Bimini, Exuma are reporting good numbers. “Those are indications of a strong international market and considerable interest the high-end market above $2m for people looking for condos and second homes in The Bahamas.” Mr Sweeting’s assessment was echoed by Gavin Christie, managing partner at the Corcoran C.A. Christie real estate firm, who revealed that “overall sales” handled and generated by the company were up by double-digit percentages compared to the same
year-over-year so far for 2026, we’re about 18 percent up from the previous year,” Mr Christie told Tribune Business. “That’s overall. We’re about 18 percent up in total sales. When I crunched and looked at the numbers, our overall transactions have actually decreased by about 6 percent but our average sales price has increased by between 18-20 percent. “Transaction volumes are down, but property values remain very strong throughout The Bahamas. There seems to be a balanced amount of inventory in the market - a balanced amount of inventory and demand. That’s always a sign of a healthy market; we’re not lopsided.” Mr Christie identified the emergence of “branded” high-end residential products, such as the Four Seasons Ocean Club Residences proposed for a site overlooking Paradise Island’s Cabbage Beach, as one of the key factors driving the country’s high-end real estate market as he predicted more such investments will take root in this nation over the next decade. “There just seems to be a very strong demand for luxury turnkey properties and waterfront properties,”
geopolitical uncertainty that is the wars that are happening [Iran and Ukraine]. “There are very few places in the world that have been able to keep the brand of safety, security and seclusion, and The Bahamas has done a good job of that. We have become this diamond in the rough for high net worth individuals from around the world. That’s one of the driving factors. “I think another is we’re seeing for the first time, in a long time, a tech boom with artificial intelligence (AI) and all these IPOs happening, so a lot of new wealth is being born globally and is looking for a safe destination where they can have beautiful properties and a lifestyle like we have in The Bahamas.” Mr Christie added that “the birth of branded residences in The Bahamas” has created a new force in the nation’s high-end real estate market, describing
world. “These are brands people know globally, have experience of and know what they stand for,” the Corcoran C.A. Christie chief said. “They feel safe, comfortable when they see them tied to real estate products. That’s a big new trend, and we’ll see over the next three, five, ten years a lot more branded residences coming to The Bahamas.” Mr Christie added that “all indications show a strong start to 2027, and a very healthy and robust market”, especially in the first quarter which is typically the Bahamian industry’s strongest threemonth period of the year. John Christie, president and managing broke at HG Christie, agreed that the Bahamian real estate market has “been pretty strong all year although it’s been a little quieter in the past few weeks” - something he attributed to the
COMMONWEALTH OF THE BAHAMAS
going into the New Year will be lack of inventory,” John Christie said. “It’s pretty low, at least in the luxury communities. You go into Sandyport and there’s hardly anything for sale. Lyford Cay, Old Fort Bay, there’s very little for sale, but the islands are still very strong. “The demand is there; it’s just a question of getting the inventory…. There’s more demand than there is supply. It’s definitely a seller’s market in the higher end communities in New Providence, that’s for sure. But The Bahamas is still a great place, and with all the turmoil in Europe and the Middle East, and being a tax neutral country, we’re getting people here.” John Christie said HG Christie had enjoyed “a fantastic year”, with transaction volumes for the full year potentially on pace to beat 2025 by 15 percent if current trends hold.
2025/CLE/QUI/00764
IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF ALL piece parcel or tract of land being Lot Number 26 in Block 16 in the Western District of New Providence, one of the Islands of the Commonwealth of The Bahamas, bounded NORTHWARDLY by Lot Number Twenty-Four (24) in the said Block now and formerly the property of William B. Strachan and running thereon One Hundred (100) feet EASTWARDLY by West Avenue and running thereon Seventy-Five (75) feet SOUTHWARDLY by Lot Number Twenty-Eight (28) in the said Block now or formerly the property of Ricardo and Joan Roberts and running thereon One Hundred (100) feet and WESTWARDLY by Lot Number Twenty-Five (25) in the said Block now or formerly the property of Rico Heller and running thereon Seventy-Five (75) feet. AND IN THE MATTER OF the Quieting Titles Act 1959 Chapter 393 of the Statute Laws of The Commonwealth of The Bahamas AND IN THE MATTER OF the Petition of ANTONIO EDWARDS Westridge Estate, in the City of Nassau, on the island of New Providence, one of the Islands of The Commonwealth of The Bahamas. NOTICE NOTICE is hereby given that any person or persons having an adverse claim shall by the 10th day of December, A. D., 2026, file in the Supreme Court and serve on the Petitioner or the undersigned in a statement of his/her claim in the prescribed form verified by an Affidavit to be filed herewith. Failure of any such person to file any such claim by the 10th day of December, A. D., 2026, shall operate as a bar to such a claim. A COPY of the filed Plan may be inspected at: 1. The Registry of the Supreme Court, East Street, Nassau, The Bahamas; 2. COLONELS CHAMBERS, 60 Montrose Ave., Nassau, The Bahamas DATED this 15th day of October, 2026. COLONELS CHAMBERS 60 Montrose Ave., jcolonelslaw@gmail.com Nassau, The Bahamas
PAGE 10, Thursday, October 29, 2026
THE TRIBUNE
Federal Reserve keeps rates unchanged despite elevated inflation By CHRISTOPHER RUGABER AP Economics Writer THE Federal Reserve kept its key rate unchanged Wednesday at about 3.9% despite stubbornly high inflation, as Chairman Kevin Warsh suggested its policies are already showing signs of having an impact. The Fed said “inflation remains elevated” in the statement it released after its two-day meeting, and added that holding off on a rate increase allows “the accumulation of more information” that will inform the Fed’s next steps. The Fed raised its benchmark rate last month by a quarter-point for the first time in three years, defying President Donald Trump’s demands for rate cuts, in an effort to bring inflation back to its 2% target more quickly. The Fed is tasked by Congress to combat inflation, and it does so by lifting rates to slow borrowing and spending and reduce price increases. While Warsh declined to provide much insight into what the Fed may do next, most economists still expect the central bank to hike its key rate another quarter-point at its next meeting Dec. 8-9. Wall Street investors now see the odds of an increase then at nearly 85%, according to CME Fedwatch. “It’s likely going to take one more (hike) from the Fed to get interest rates into
restrictive territory,” where they can slow inflation, said Michael Reynolds, vice president for investment strategy at Glenmede, a wealth advisory firm. Politics ‘played no role’ The Fed’s decision comes just six days before a midterm election that has focused heavily on concerns around the cost of living and affordability. Consumers have generally soured on an economy weighed down by more expensive gas, groceries, and clothing, among other items. Warsh denied the election played a part in the Fed’s staying pat. “Politics played no role in the decision,” he said at a news conference following the announcement. “I just spent two days with my colleagues upstairs. I didn’t hear an utterance about politics.” Instead, Warsh underscored the Fed’s determination to bring inflation back to its target. “Energy and related prices have moved higher again in recent weeks,” he said. “And our job is to ensure that relative price changes in some sectors do not broaden out across the economy.” “Don’t mistake a pause for a truce; the battle against inflation is far from over,” Diane Swonk, chief economist at KPMG, said in a note to clients.
Rate hikes may affect AI investment surge Warsh faces plenty of challenges in getting inflation back to target. Some of the forces pushing up prices — specifically the rapid buildout of artificial intelligence infrastructure and higher energy prices — may not be easily tamed by higher interest rates. Still, Warsh said the “overwhelming consensus” among Fed officials is what they’ve done “is starting to work some,” noting that credit conditions “tightened for some businesses and households.” He said specifically that as large tech firms rely more on borrowing to build data centers, higher rates will have a greater ability to cool that investment. “Do interest rates matter?” Warsh asked. “I believe they do, and I don’t think they’re divorced from the rest of the economy.” Parts of the economy are being hit by higher rates, which were lifted by market forces, even before the Fed hiked last month. The average 30-year mortgage rate reached a three-year high of 7.4% earlier this month, though it has since slipped a bit. Higher mortgage rates have made buying a home unaffordable for 5 million more Americans since the beginning of the year, according to Oxford Economics, a consulting firm. Over time, Fed rate hikes can make mortgages,
FEDERAL Reserve Board Chairman Kevin Warsh speaks during a news conference at the Federal Reserve, Wednesday, Oct. 28, 2026, in Washington. Photo:Julia Demaree Nikhinson/AP auto loans, and credit card borrowing more expensive, adding to Americans’ sense that things like homes and cars are getting pricier. Two dissenting votes point to future hikes A separate inflation measure more closely followed by the Fed, the personal consumption expenditures price index, comes out Thursday and is forecast to have jumped 3.6% in September from a year earlier, up from 3.4% in August. Core prices, which exclude the food and energy categories, are forecast to have risen 3.1%, up from 3% the previous month. Earlier this month, the consumer price index showed inflation picked up in September, when consumer prices rose 3.7% compared with a year earlier. Two Fed officials dissented from Wednesday’s decision, with Fed governor Lisa Cook and Federal Reserve Bank of Cleveland President Beth Hammack voting in favor of hiking rates by a quarter point.
This is Cook’s first dissent since she was appointed to the board by President Joe Biden in 2022. Cook has been targeted by the Trump administration, which tried to fire her last year, though the Supreme Court in June ruled she could keep her job while litigation played out. No president has fired a Fed governor before, a sign of the Fed’s longstanding independence from day-today politics. Trump renewed his attempt to remove Cook last month by setting up a committee to look into allegations Cook committed mortgage fraud, which she has denied. The dissents suggest that there is still broad support on the Fed’s rate-setting committee to lift interest rates further, economists said. Warsh also said that starting next year, the Fed would adjust its regular meeting schedule. It will continue to hold eight policy meetings a year, as it does now, but one of those meetings in 2027 will focus on longer-term strategy and not include a
vote on interest rates. Two meetings will focus on strategy in 2028, he said. Reynolds said the changes shouldn’t make much difference to the markets or the economy, because the Fed can always change rates if needed between meetings, which it has done in the past. The Fed’s policy meeting is part of a busy week for central banks around the world. The Bank of Canada met earlier, and lifted its key rate a quarter point, to 2.5%. Policymakers at the European Central Bank and the Bank of Japan are both scheduled to meet Thursday and are expected to keep their key rates unchanged. For Warsh and the Fed, another key consideration is that the U.S. economy is growing at a healthy pace and unemployment remains low, at 4.2%, even if hiring is also sluggish. Warsh said growth in the July-September quarter likely rose above 3%. That would be up from 2.2% in the AprilJune quarter.
PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JENNEROSA LERLENE JOHNSON of Cowpen Road, New Providence, Bahamas intend to change my name to JENNAROSA LERLENE JOHNSON . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE NOTICE is hereby given that I JUNIOR JAMAAL GEFFRARD of Green Turtle Cay, Abaco , Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration /naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29thday of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that I AWINCE LASSEUR of # 4 Ferdinand Drive, New Providence, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration /naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October, 2026 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Thursday, October 29, 2026, PAGE 11
Google misses Wall Street expectations, Alphabet stock sinks in early after-hours trading By KAITLYN HUAMANI AP Technology Writer GOOGLE parent company Alphabet Inc. came up short of Wall Street expectations despite strong revenue growth in its third-quarter results, which sent its stock falling in afterhours trading Wednesday. The Mountain View, California-based company said its net income was $26.17 billion in the July-September period. That’s down from $34.98 billion in the same period a year earlier. Revenue grew 25% from the same period last year to $127.58 billion, but that was shy of analysts’ expectations. Analysts, on average, were expecting revenue of $127.97 billion, according to a poll by FactSet. The company earned $2.12 per share, reflecting an $8.7 billion loss on equity investments that reduced earnings by 55 cents per share. Analyst estimates were around $3.01 per share. Sundar Pichai, CEO of Google and Alphabet, said in a statement that the quarter was strong and that the company is “now on a half-trillion dollar revenue run rate. Our deep full
stack approach is driving momentum across the business,” he said, pointing to the 25% revenue growth year-over-year. Pichai also said the Gemini app, its artificial intelligence assistant, has reached 1 billion users, which makes it the fastest-growing product in Google’s history. Google and Alphabet’s Chief Financial Officer Anat Ashkenazi said on a call with investors Wednesday that the company continues to expect its capital expenditures to “increase significantly” in 2027, which she said will be explained in further detail during the fourth quarter call.
“Alphabet was viewed as behind in the AI race not long ago, and this quarter makes a real case that it can start taking the lead from Microsoft. The problem is everything else.” David Wagner
IN this May 1, 2019, file photo a man walks past a Google sign outside with a span of the Bay Bridge at rear in San Francisco. Photo:Jeff Chiu/AP
The company’s revenue growth was driven by its Google Cloud segment, which delivered record growth. Its revenue
increased 103% from last year to $30.7 billion. Pichai said that the company’s AI infrastructure and solutions are the “major drivers for cloud growth and our customers see us as the leading provider here, so there’s huge demand.” “Alphabet was viewed as behind in the AI race not long ago, and this quarter makes a real case that it can start taking the lead from Microsoft. The problem is
everything else,” said David Wagner, head of equity and portfolio manager at Aptus Capital Advisors. Google Search and other advertising revenues increased by 12% to $63.3 billion, and advertising revenue from YouTube, which Google owns, increased 9% to $11.2 billion. These increases came in lower than some analysts expected, sparking concerns about a deceleration
in growth despite Pichai saying the year-over-year query growth rate is the highest it’s been in the last five years. “In a market worried about AI cannibalizing the franchise, investors need to see Search accelerating, not decelerating,” Wagner said in a statement. Alphabet’s shares had fallen more than 10% to $289.95 in after-hours trading.